Publisher Letter Get Ready for a Recession & Notice to Readers

In last issue’s publisher letter, I talked about how inflation is back; and that it’s going to have an adverse impact on home-based business owners.

Intimately linked to inflation is the increasing risk of a recession. There are so many factors beyond inflation that are making a recession near inevitable. Although these factors are beyond the scope my letter, a few warrant mention. In addition to inflation there is a falling crypto market, damaged supply chains, a growing credit crisis, underemployment; and, of course, massive budget deficits and the stratospheric national debt that is finally coming home to roost. It’s a perfect storm.

So, what should you do as a home business owner to batten down the hatches?

First, shore up your business. Touch base with your clients and confirm whether their current business demands will stay intact. Also, check with your suppliers to ensure that you can get the products/services delivered on time that you will require later this year. Supply chain disruptions and increased manufacturing delays put an extra emphasis on ordering and tracking the goods and services you need. Don’t take for granted the “good ole’ days” when you could place an order and expect timely delivery.

Second, recognize that times of economic downturns offer increased home-

based business opportunity. Many current small businesses will not be able to weather the storm and survive a coming recession. This will open up opportunity to fill these changing demands. In addition, other home-based business owners will be looking to partner with other businesses, to target rapidly changing demands and needs in a recession-battered marketplace. Keep your business networks strong so that you can quickly join with other entrepreneurs to target new opportunities.

Third, Give your personal and business finances a good checkup. Be ready for downturns in income. Increase lines of credit so that you will at least have access to cash/capital if needed during a recession. Once a recession does take hold, it will be much more difficult to obtain that credit. Finally, consolidate any debt you have, into one or a few loans with lower interest rates and better pay-off terms.

Fourth, with inflation driving up costs, order as much products and services

in advance as you can. Lock in lower prices now, prices that are sure to rise later in the year.

Fifth, look for ways to diversify your business; to prepare for potential

negative impacts from a recession, to lower your business risk. As always, diversify into new businesses that are related to your core business, so that you leverage marketing and business costs. Increase back-end product sales that you can cheaply market to your existing customers.

Overall, a recession will bring harder times. But an economic downturn can offer increased opportunity if you plan for it in advance. And start taking steps now to keep your business stable.

Richard Henderson, Publisher, Home Business® Magazine

Magazine

SUMMER 2022 HomeBusinessMag.com

Richard Henderson, Publisher Sherilyn Colleen, Content Editor Richard Rabil, Slice, Inc., Graphic Design Barbara Weltman, Home-Based Business Start-Up Guide Texterity, Inc., Digital Publication Production Advertising: advertise@homebusinessmag.com HomeBusinessMag.com/Advertise Published by Home Business Media ISSN 1092-4779 United Marketing & Research Company, Inc. 20664 Jutland Place, Lakeville, MN 55044

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Magazine Contents – Summer 2022

Ad Benches, LLC * www.AdBenches.com Baseus * www.store.baseus.com/home City America * www.CityAmerica.com GBC * www.GBC.com Home Business EXPO * www.HomeBusinessEXPO.com Home Business Podcast * www.homebusinessmag.com/podcast Home Business Services * www.HomeBusinessMag.com/services-products Home-Based Business Start-Up Guide * www.HomeBusinessMag.com/home-based-business-start-up-guide Kaeser & Blair * www.kaeser-blair.com Lil’ Bubba Curb Machines * www.lilbubbaCurb.com Lil Orbits, Inc. * www.lilorbits.com Little Jimmy’s Italian Ice * www.italianice.net NouhauUS * www.NouhauUS.com Rooterman * www.RooterMan.com Safety Technology * www.SafetyTechnology.org Trusens * www.Trusens.com Wasserstein * www.Wasserstein-Home.com

11 Classified Ads

12 Publisher Letter Get Ready for a Recession & Notice to Readers 14 Podcast: Joey Klein – Your Inner Matrix – Succeed by Mastering Emotions 15 Podcast: Amazon Seller – How to Increase Your Revenue

16 Home-Based Business Start-Up Guide: Step 2 Sneak Peak: Determining What Business to Start from Home

22 Reviews: Innovative and Cutting Edge Products for Your Home Offic 26 Office Chair: Nouhaus Classic Massage Chair with Ottoman for Business Owners 28 Success Profile — How to Start a Business with Zero Dollars: CEO Donnie P Knows

29 Success Profile — Vikki Gerrard Discusses Why Sustainability Is Important in a Business 30 Crowdfunding — What Makes a Crowdfunding Campaign Successful? 31 Start-Up — Six Requirements You Must Meet Before Starting Your Own Home-Based Business